Backblaze walked into this print as a high growth, loss making cloud storage stock with a mixed reputation on profitability. It walked out with the market bidding the stock up about 27% in a single day. That jump reflects one thing above all: Q2 showed a sharp improvement in cash economics, with adjusted earnings before interest, tax, depreciation and amortization margin landing at 30% on US$42.7m of revenue.

For a company framed around long term revenue growth rather than profits, that kind of margin performance is the headline from this quarter.

Is Backblaze now priced for a profitable future, or has the 27% jump left the stock ahead of its fundamentals? Compare the revenue story against the current market valuation in the valuation…